Greece will hold repeat elections on June 17, local media reported on Wednesday.

A senior judge had been tasked with heading a caretaker government to organise the ballot, according to the Athens News Agency.

Final talks among Greek party leaders over the formation of a national unity government to lead Greece after the May 6 parliamentary elections collapsed on Tuesday, prompting the country to head to fresh polls.

The political instability that added to the financial crisis in Greece has fuelled fears that the country could face the risk of a chaotic default and an exit from the eurozone, which could send shockwaves across Europe and the international financial system.

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